CB IMMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 25 filings
Turnover
≈ €220,000
Estimated: probably between €190,000 and €260,000
Total assets
€946,271▲ 15.2%
2024 · €821,690
Net result
€36,012
2024 · -€40,590
Working capital
-€348,403▲ 7.1%
2024 · -€375,097
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€69,398
2025
20182025
Net result
€36,012
2025
middle half of the sector
20182025
Equity
€370,448
▲ 10.8%
2025
highest quarter of the sector
20182025
Total assets
€946,271
▲ 15.2%
2025
highest quarter of the sector
20182025
Debt
€575,823
▲ 18.2%
2025
20182025
Working capital
-€348,403
▲ 7.1%
2025
lowest quarter of the sector
20182025
Solvency
39.1%
▼ 1.6pp
2025
middle half of the sector
20182025
Current ratio
0.39
▲ 0.16
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.8%
▲ 8.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€16,156-€26,028▲ 61.1%€11,809▼ 54.6%€15,070▲ 27.6%€8,168▼ 45.8%-€12,906-€6,140▲ 52.4%€69,398
Net result€6,090-€16,023▲ 163%€4,282within the sector's middle half▼ 73.3%€8,009within the sector's middle half▲ 87.0%€1,656below the sector's middle half▼ 79.3%-€37,211below the sector's middle half-€40,590below the sector's middle half▼ 9.1%€36,012within the sector's middle half
Equity€232,268-€248,290▲ 6.9%€252,573above the sector's middle half▲ 1.7%€260,581above the sector's middle half▲ 3.2%€262,237above the sector's middle half▲ 0.6%€375,026above the sector's middle half▲ 43.0%€334,436above the sector's middle half▼ 10.8%€370,448above the sector's middle half▲ 10.8%
Total assets€563,455-€449,174▼ 20.3%€445,084within the sector's middle half▼ 0.9%€445,913within the sector's middle half▲ 0.2%€429,470within the sector's middle half▼ 3.7%€899,156above the sector's middle half▲ 109%€821,690above the sector's middle half▼ 8.6%€946,271above the sector's middle half▲ 15.2%
Debt€331,188-€200,884▼ 39.3%€192,511▼ 4.2%€185,332▼ 3.7%€167,232▼ 9.8%€524,130▲ 213%€487,254▼ 7.0%€575,823▲ 18.2%
Working capital-€67,491--€172,670▼ 156%-€137,132below the sector's middle half▲ 20.6%-€97,866below the sector's middle half▲ 28.6%-€106,011below the sector's middle half▼ 8.3%-€332,078below the sector's middle half▼ 213%-€375,097below the sector's middle half▼ 13.0%-€348,403below the sector's middle half▲ 7.1%
Solvency41.2%-55.3%▲ 14.1pp56.7%within the sector's middle half▲ 1.5pp58.4%within the sector's middle half▲ 1.7pp61.1%within the sector's middle half▲ 2.6pp41.7%within the sector's middle half▼ 19.4pp40.7%within the sector's middle half▼ 1.0pp39.1%within the sector's middle half▼ 1.6pp
Current ratio0.62-0.14▼ 0.480.29below the sector's middle half▲ 0.150.47below the sector's middle half▲ 0.180.37below the sector's middle half▼ 0.110.35below the sector's middle half▼ 0.020.23below the sector's middle half▼ 0.120.39below the sector's middle half▲ 0.16
Return on assets (ROA)1.1%-3.6%▲ 2.5pp1.0%within the sector's middle half▼ 2.6pp1.8%within the sector's middle half▲ 0.8pp0.4%below the sector's middle half▼ 1.4pp-4.1%below the sector's middle half▼ 4.5pp-4.9%below the sector's middle half▼ 0.8pp3.8%within the sector's middle half▲ 8.7pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €69,398, after a loss of €6,140 in 2024. It is the highest result since 2021.
Large changes and their cause
- 2023 Total assets +109% on 2022. Capital increase of €150,000 (Official Gazette 24-01-2023).
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €946,271
Fixed assets
€719,584 ▲ 1.4%
Current assets
€226,687 ▲ 102%
Equity and liabilities €946,271
Equity
€370,448 ▲ 10.8%
Debt
€575,823 ▲ 18.2%
Debt's share of the balance-sheet total rises from 59.3% to 60.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€118,223▲
2024 · €31,955
Cash flow
€84,837▲
2024 · -€2,495
Debt to equity
1.55▲
2024 · 1.46
ROE
9.7%▲
2024 · -12.1%
Interest coverage
3.47▲
2024 · 0.86
Debt ≤ 1 year
€575,090▲
2024 · €487,241
Income taxes
€593
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €41,197 | €391,405 | €26,859 | €58,864 |
| Depreciation and write-downs of the year | €31,257 | €31,396 | €38,873 | €38,095 | €48,825 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,257 | €31,257 | €31,257 | €31,257 | €31,396 | €38,873 | €38,095 | €48,825 | ▲ 28.2% |
| Other operating charges640/8 | - | - | - | €2,258 | €2,313 | €3,824 | €3,971 | €12,161 | ▲ 206% |
| Gross operating margin9900 | €49,579 | €59,495 | €45,308 | €48,585 | €41,877 | €29,791 | €35,926 | €130,384 | ▲ 263% |
| Operating profit (loss)9901 | €16,156 | €26,028 | €11,809 | €15,070 | €8,168 | -€12,906 | -€6,140 | €69,398 | - |
| Financial income75/76B | - | - | - | - | - | €2,205 | €2,649 | €1,246 | ▼ 53.0% |
| Recurring financial income75 | - | - | - | - | - | €2,205 | €2,649 | €1,246 | ▼ 53.0% |
| Financial charges65/66B | - | - | - | €7,061 | €6,512 | €26,510 | €37,100 | €34,039 | ▼ 8.2% |
| Recurring financial charges65 | €10,067 | €10,005 | €7,527 | €7,061 | €6,512 | €26,510 | €37,100 | €34,039 | ▼ 8.2% |
| Profit (loss) for the period before taxes9903 | €6,090 | €16,023 | €4,282 | €8,009 | €1,656 | -€37,211 | -€40,590 | €36,605 | - |
| Income taxes67/77 | - | - | - | - | - | - | - | €593 | - |
| Profit (loss) for the period9904 | €6,090 | €16,023 | €4,282 | €8,009 | €1,656 | -€37,211 | -€40,590 | €36,012 | - |
| Profit (loss) for the period to be appropriated9905 | €6,090 | €16,023 | €4,282 | €8,009 | €1,656 | -€37,211 | -€40,590 | €36,012 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €563,455 | €449,174 | €445,084 | €445,913 | €429,470 | €899,156 | €821,690 | €946,271 | ▲ 15.2% |
| Fixed assets21/28 | €452,218 | €420,961 | €389,704 | €358,448 | €368,249 | €720,781 | €709,545 | €719,584 | ▲ 1.4% |
| Tangible fixed assets22/27 | €451,718 | €420,461 | €389,204 | €357,948 | €367,749 | €720,281 | €709,045 | €719,084 | ▲ 1.4% |
| Land and buildings22 | - | - | - | €357,948 | €367,749 | €720,281 | €683,295 | €646,308 | ▼ 5.4% |
| Furniture and vehicles24 | - | - | - | - | - | - | €3,823 | €53,104 | ▲ 14× |
| Other tangible fixed assets26 | - | - | - | - | - | - | €21,928 | €19,672 | ▼ 10.3% |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €111,237 | €28,214 | €55,379 | €87,466 | €61,221 | €178,375 | €112,144 | €226,687 | ▲ 102% |
| Amounts receivable within one year40/41 | €336 | €771 | - | €647 | €665 | €1,326 | €2,120 | €794 | ▼ 62.5% |
| Other amounts receivable41 | - | - | - | €647 | €665 | €1,326 | €2,120 | €794 | ▼ 62.5% |
| Current investments50/53 | - | - | - | - | - | €150,000 | - | - | - |
| Cash at bank and in hand54/58 | €110,901 | €27,443 | €55,379 | €86,819 | €60,556 | €24,049 | €110,024 | €223,682 | ▲ 103% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €3,000 | - | €2,210 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €563,455 | €449,174 | €445,084 | €445,913 | €429,470 | €899,156 | €821,690 | €946,271 | ▲ 15.2% |
| Equity10/15 | €232,268 | €248,290 | €252,573 | €260,581 | €262,237 | €375,026 | €334,436 | €370,448 | ▲ 10.8% |
| Contributions10/11 | €310,000 | €310,000 | - | €310,000 | €310,000 | €460,000 | €460,000 | €460,000 | = |
| Profit (loss) carried forward14 | -€77,732 | -€61,710 | -€57,427 | -€49,419 | -€47,763 | -€84,974 | -€125,564 | -€89,552 | ▲ 28.7% |
| Amounts payable17/49 | €331,188 | €200,884 | €192,511 | €185,332 | €167,232 | €524,130 | €487,254 | €575,823 | ▲ 18.2% |
| Amounts payable after more than one year17 | €152,459 | - | - | - | - | €12,977 | - | - | - |
| Financial debts170/4 | - | - | - | - | - | €12,977 | - | - | - |
| Amounts payable within one year42/48 | €178,729 | €200,884 | €192,511 | €185,332 | €167,232 | €510,452 | €487,241 | €575,090 | ▲ 18.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €24,992 | €12,977 | - | - |
| Trade debts44 | - | €2,504 | - | €4,781 | €720 | €102 | €3,524 | €1,171 | ▼ 66.8% |
| Suppliers440/4 | - | - | - | €4,781 | €720 | €102 | €3,524 | €1,171 | ▼ 66.8% |
| Taxes, remuneration and social security45 | - | - | - | €2,118 | €1,954 | €7,607 | €10,722 | €15,122 | ▲ 41.0% |
| Taxes450/3 | - | - | - | €2,118 | €1,954 | €7,607 | €10,722 | €15,122 | ▲ 41.0% |
| Other amounts payable47/48 | - | - | - | €178,433 | €164,558 | €477,751 | €460,018 | €558,798 | ▲ 21.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €700 | €13 | €733 | ▲ 58× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,090 | €16,023 | €4,282 | €8,009 | €1,656 | -€37,211 | -€40,590 | €36,012 | - |
| + Depreciation and write-downs630 | €31,257 | €31,257 | €31,257 | €31,257 | €31,396 | €38,873 | €38,095 | €48,825 | ▲ 28.2% |
| Operating cash flow (approximation) | €37,346 | €47,280 | €35,539 | €39,265 | €33,052 | €1,662 | -€2,495 | €84,837 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€41,197 | -€391,405 | -€26,859 | -€58,864 | ▼ 119% |
| Change in cash | - | -€83,459 | €27,937 | €31,440 | -€26,263 | -€36,507 | €85,975 | €113,658 | ▲ 32.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as CB IMMO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CB IMMO itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 14,766 companies, not a prediction for CB IMMO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00259433 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00310013 | |
| 31-12-2023 | micro format | 01-08-2024 | 2024-00323981 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00305065 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20126864 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-42200248 | |
| 31-12-2019 | micro format | 16-07-2020 | 2020-30500479 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-40200214 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-37400492 | |
| 31-12-2016 | micro format | 27-07-2017 | 2017-36200494 |